The document summarizes economic crises experienced by several countries and companies. Iceland's banking crisis in 2008 resulted from banks taking advantage of a booming real estate market. Russia suffered a major economic crisis 3 years ago and has been trying to recover since. Spain's real estate sector plunged, causing one of its worst crises as banks gave mortgages without properly vetting borrowers' ability to repay. The Spanish company Abengoa and Italian company Nueva Rumasa both experienced financial difficulties in 2015 and 2009 respectively, related to the economic conditions in their countries.

1. Iceland's economical crisis was an important political and financial event that resulted in
the default of the countries major Banks
Iceland's economic crisis was an important political and financial event that resulted in
the default of the country’s major Banks
From 2004 to 2007, they took advantage of the booming of the real estate market
From 2004 to 2007, they took advantage of a booming real estate market.
Despite most of the people think, Nueva Rumasa's delicate financial situation started in
2009.
Despite what most people think, Nueva Rumasa's delicate financial situation started in
2009.
In the second place, the IOUs issued by the company was so high that the company
incurred in a tremendous debt.
Secondly, the IOUs issued by the company were so high that the company incurred a
tremendous debt.
Finally, on September 2008 it was announced the acquisition and the subsequent
merger of the Thundering Herd by Bank of America.
Finally, in September 2008 the acquisition and subsequent merger of the Thundering
Herd by Bank of America were announced.
The outstanding Spanish leading company in biofuels solar energy and infrastructure
Abengoa lived its rise and fall in 2015
The outstanding leading Spanish company in biofuels, solar energy and infrastructure
Abengoa, experienced its rise and fall in 2015
The paramount reasons lies in the fact that Spain wasn't overcoming its best economic
era
The paramount reasons lie in the fact that Spain wasn't going through its best economic
era
Abengoa was even volte-facing their negative results into positive ones cooking the
books.
Abengoa even turned its negative results into positive ones by cooking the books.
American Banks dropped the interest rates from 6% to 1% making people borrow
important amounts of money leading to garbage mortgages.
American Banks dropped the interest rates from 6% to 1% making people borrow
significant amounts of money leading to junk/subprime mortgages.

2. As soon as Banks realized how bad the situation was they decided to start selling debt
all around the world. Now fear was also spread to Europe making interests rise to levels
never seen before.
As soon as Banks realized how bad the situation was they decided to start selling debt
all around the world. By then fear had also spread to Europe making interests rise to
levels never seen before.
It may be thought that these events influenced to the recent economical crisis that
Europe has overpassed.
It may be thought that these events influenced the recent economic crisis that Europe
has overcome.
3 years ago Russia suffered such big an economic crisis that led to a position that they
are still trying to recover from.
3 years ago Russia suffered so big an economic crisis that it led to a position that they
are still trying to recover from.
To sum up, Russia has been the last three years trying to overcome its economic crisis
To sum up, Russia has been trying to overcome its economic crisis over the past three
years / Russia spent the last three years…
As a consequence, these assets have gigantic costs and the company ends up in debt
from these as in the end the costs surpass the profits
As a consequence, these assets have gigantic costs and the company ends up in debt
because of them as, eventually, the costs surpass the profits.
The real estate sector in Spain plunged and caused one of the worst crisis ever
registered in Spain
The real estate sector in Spain plunged and caused one of the worst crises ever
registered in Spain
Banks were giving mortgages to everyone regardless their situation
Banks were giving mortgages to everyone regardless of their situation
The banks had not research them properly to see if they could pay or not their
mortgage
The banks had not researched / vetted them properly to see if they could pay back their
mortgage or not